Kalanithi Maran, former Spicejet promoter, and his company Kal Airways has rejected the olive branch offered by air operators to end a prolonged stock transfer dispute between them. Appeared before the bench led by the Chairman of India Judge NV Ramana, Senior Advocate Maninder Singh, for Mr. Maran, told the court that his client refused Spicejet offer from a total of ₹ 600 crore in cash to resolve disputes without space to complete the court process. Mr. Singh, at the court query, clarified that his client also rejected an alternative offer made by airlines to withdraw a certain amount, ₹ 100 crore, from the bank warranty of Rp190,000 Crore, to Mr. Maran and for FASTRACK. Court process. “Both offers are rejected,” Mr. Singh filed. He explained that the total amount owed around ₹ 920 crore. “Then we will hear this problem,” CJI reacted to Mr. Singh’s submission. The court scheduled the next trial in March. This case concerns the request by the BPK number of ₹ 578 Crore involved in a dispute. Senior advocate hit Rohatgi, for airlines, has in the last hearing saying that from the basic number of ₹ 578 crore provided in Arbitrase, Spicejet has paid ₹ 308 crore in cash and stores bank guarantees ₹ 270 Crore.
Mr. Rohatgi has offered to pay banks guarantee the equivalent amount of ₹ 270 crore with an additional cash and ₹ 22 crore, collect total payment of up to ₹ 600 crore as a full settlement and completion of all disputes. Kal and Mr. Maran has transferred their share ownership to Ajay Singh in December 2014. The dispute relates to the non-issuance of a warrant and preference for Mr. Maran.